Mike McGlone, a commodity strategist at Bloomberg Intelligence, has flagged ‘a 100-year pump-then-dump risk signal' for US stocks and Bitcoin (BTC).
More than half of Bitcoin supply is underwater as K33 sees $60K near a cycle bottom, though history leaves room for one final price decline.
Botanix Labs is shutting down its Bitcoin Layer 2 network after concluding that demand for Bitcoin-native DeFi was insufficient to sustain the project's economics.
Bitcoin closed the week of June 5 with a nearly 20% decline — its sharpest single-week drop since the FTX collapse in November 2022 — but on-chain analyst Ali Martinez is pushing back against the prevailing fear, arguing in a technical post on X that the market is approaching a major macro accumulation cycle rather than the beginning of a deeper structural breakdown. Related Reading: The Bitcoin Rally Has A Problem: Demand Is Drying Up Martinez's case rests on a convergence of on-chain metrics that have historically accompanied market bottoms rather than preceded further selling.
Market sentiment reflects heightened risk aversion and potential volatility in crypto prices amid economic and geopolitical uncertainties. Bitcoin price odds drop ahead of US CPI release.
BTC was rejected near $64,000 and slid just under $61,000 within roughly 12 hours as Middle East tension hit sentiment. The move followed a brutal week that took BTC from about $73,000 to a 19-month low near $59,100.
"It did not work," Botanix said. "At lest not in this market and not in this timeline.
Bitcoin may need to climb back above $65,000 before any meaningful recovery can take hold — but getting there looks harder by the day. Market analyst Michaël van de Poppe said a break past that level could open the door to a rally toward the $72,000 to $74,000 range, yet the broader demand picture suggests that kind of move is far from guaranteed.
Bitcoin (CRYPTO: BTC) trades below $61,000 on Wednesday morning, with the final bottom expected to arrive sometime between July and October, according to a prominent analyst. "BTC Roadmap Continues To Play Out Spot-On" In a June 9 market update, crypto analyst Kevin pointed to several calls that he believes played out as expected: A January countertrend rally.
More than 8 million BTC are now being held at an unrealized loss as Bitcoin's recent correction continues to pressure investors, according to on-chain data from Glassnode.
Botanix Labs has announced the discontinuation of its Bitcoin Layer 2 platform following inadequate user engagement to maintain economic viability. The company has instructed users to remove their Bitcoin and digital assets by July 9, 2026.
Millions of Bitcoin are underwater as experts say the 'scale of market reset' signals capitulation, but long-term opportunities remain.